West v. American Exchange Bank
New York Supreme Court
APPEAL from a judgment entered at the circuit on a trial before the court without a jury. The complaint alledged that the plaintiff, on the 29th day of May, 1861, was the owner of a certain promissory note; that on that day he employed the defendant to collect the same; and that the defendant did collect it, but had failed to pay over the proceeds, although often requested to do so.
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APPEAL from a judgment entered at the circuit on a trial before the court without a jury. The complaint alledged that the plaintiff, on the 29th day of May, 1861, was the owner of a certain promissory note; that on that day he employed the defendant to collect the same; and that the defendant did collect it, but had failed to pay over the proceeds, although often requested to do so. The answer denied none of these allegations, but set up new matter, viz: that the defendant was collecting agent in the city of New York for the Medina Bank, and as such received and held the note in question…
1Opinion of the Court
By the Court, James C. Smith, J.
Upon the facts found by the court at special term, the defendants can not be regarded *178as purchasers or holders for value, of the note described in the complaint, or of its proceeds, according to the rule prevailing in this state, so as to exclude the claims of the plaintiff, who is the real owner. The facts that the defendants held the note as collateral security for the payment of any balance of account that might be owing by the Medina Bank; that the Medina Bank was largely indebted to the defendants before the note in question was received by the latter; and…
2Cases cited3 opinions
- McBride v. . the Farmers' BankNew York Court of Appeals · 1863
- Wood v. WhitingNew York Supreme Court · 1855
- Oechs v. CookThe Superior Court of New York City · 1854
3Cited by10 opinions
- Fleischmann v. . SternNew York Court of Appeals · 1882
- Rodgers v. . ClementNew York Court of Appeals · 1900
- Smith v. . CoeNew York Court of Appeals · 1902
- Place v. BleylAppellate Division of the Supreme Court of the State of New York · 1899
- Altman v. CochraneAppellate Division of the Supreme Court of the State of New York · 1909
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